355k oz of gold produced at aisc of $1030. That is massive margins for FY17.
At current gold price of 1164 / 0.74 = $1573 or a margin of $543 per ounce.
Gold has hit highs of around 1376 / 0.76 = $1811 or a margin of $781 per ounce when Trump was voted in.
Let's assume more negative outcomes are on the way (like Italy), it would be reasonable to average these margins for FY17.
Let's say we achieve a margin of $662 per ounce over 355k oz. That is profit of $235m for FY17, meaning SBM is valued at a little over 4 x EBIT, a steal in my opinion.
Ann: Presentation to PNG Mining and Petroleum Conference, page-2
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35.3¢ |
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Mkt cap ! $294.6M | |||
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